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Zurich Airport News Flash No. 7 / Financial Year 2011

Higher Net Profit and Capital Expenditure in Financial Year 2011
Flughafen Zürich AG concluded its Financial Year 2011 with a net profit of 170.9 million Swiss francs which equals a plus of 23.4 percent (previous year: 138.5 million Swiss francs). Capital expenditure for new infrastructure amounted to over 330 million Swiss francs.

In a challenging economic environment and despite the impact of a strong national currency, Flughafen Zürich AG generated a net profit of 170.9 million Swiss francs for the Financial Year 2011. The good result can be explained by the passenger volume growth of 6.4 percent on one hand and by strict cost-controlling on the other hand. CEO Thomas E. Kern: “I am proud that our company achieved to systematically invest into new infrastructure and to generate a pleasant full year result 2011, especially during a challenging economic environment.” In the year 2011, Flughafen Zürich AG invested around 330 million Swiss francs into new infrastructure – like for example the new Dock B with the observation deck and the security check building which were commissioned on December 1st, within time and budget. Since the privatisation in the year 2000, Flughafen Zürich AG invested far more than 3 billion Swiss francs into Zurich Airport’s infrastructure.

Traffic Figures
Zurich Airport has welcomed 24.3 million passengers in the year 2011. This equals to an increase of 6.4 percent compared to the year 2010. The number of local passenger grew by 7.4 percent to 16.0 million while transfer passengers increased by 4.5 percent to 8.3 million. Movements saw an increase of 3.8 percent to 279 thousand.

The aviation business has generated 64 percent whereas the non-aviation business has generated 36 percent to a total of 905.4 million Swiss francs of revenues. Aviation revenues were 579.6 million Swiss francs or 8.4 percent higher (previous year: 534.7 million Swiss francs). In the non-aviation business, revenues increased by 2.8 percent to 325.8 million Swiss francs (previous year: 316.8 million Swiss francs).

Operating costs
Operating costs rose by 1.3 percent to 420.4 million Swiss francs (previous year: 415.1 million Swiss francs). Besides strict cost management, this disproportionate increase is also explainable with the mild winter months 2011.

Earnings before interest, taxes, depreciation and amortisation reached 485.0 million Swiss francs, which marks an increase of 11.1 percent to last year’s period with 436.4 million Swiss francs.

Depreciation and Amortisation
Due to the significant investment activities at Zurich Airport, depreciation and amortisation have increased to a total of 201.2 million Swiss francs.

Earnings before interest and taxes increased by 15.5 percent to 283.8 million Swiss francs (previous year: 245.7 million Swiss francs).

Net financial expenses
Net financial expenses of 73.5 million Swiss francs were 2.0 percent higher than last year’s figure.

Net profit
With 170.9 million Swiss francs, net profit of the company is 32.4 million Swiss francs or 23.4 percent higher than in 2010.

Capital expenditure
Capital expenditure increased to 332.8 million Swiss francs (previous year: 239.3 million Swiss francs). Thereof, a large part is due to finalising the new Dock B and the security check building. Since the privatisation in the year 2000, Flughafen Zürich AG invested far more than 3 billion Swiss francs in the significant transportation hub Zurich Airport.

Net financial debt
Net financial debt was increased by 62.4 million Swiss francs to 818.3 million Swiss francs (previous year: 755.9 million Swiss francs). Shareholder’s equity increased by 7.0 percent to 1.8 billion Swiss francs. The equity ratio amounts to 47.2 percent (previous year: 47.9 percent).

Despite an uncertain economic outlook, Flughafen Zürich AG expects a moderate increase of around 2 percent in passenger volume for the whole year of 2012. Provided that no extraordinary occurrence negatively affects the aviation industry, Flughafen Zürich AG expects a slightly higher net profit for the Financial Year 2012.

The Board of Directors is proposing the payment of a dividend of 9.50 Swiss francs per share to the General Meeting of Shareholders on April 26st, 2012. This is 2.50 Swiss francs higher than last year’s dividend of 7.00 Swiss francs per share which equals a payout ratio of 38.8 percent of the net profit (excluding noise).

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